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639-643 Warren Street, Dorchester – Comparable Property

A development project recently approved by the Boston Redevelopment Authority (BRA) is a great comparable property for 639-643 Warren Street, Dorchester. I was recently alerted to the approval of 3200 Washington Street, Jamaica Plain which is, according to the Jamaica Plain Patch, a mixed use development featuring 76 residential units and 4,500 square feet of commercial space and, according to the Boston Redevelopment Authority, the project includes a 97,107 square foot building on a 32,412 square foot lot located on Washington Street between and including the corners of Iffley Road and Montebello Road. The Project Notification Form (PNF) that was submitted to the Boston Redevelopment Authority (BRA) on February 23rd, 2015 gives a detailed look into the 3200 Washington Street project.

The corner of Warren Street and Crawford Road in Dorchester’s Grove Hall neighborhood.

The comparisons between Washington Street and Warren Street are many.

Both projects are located on corner lots with frontage on three streets. The Washington Street project is located on the corner of Washington Street, Iffley Road and Montebello Road. The Warren Street project is located on the corner of Warren Street and Crawford Street with additional access and frontage on Georgia Street.

The Washington Street project is located on a 32,412 square foot lot and the Warren Street project is located on a 32,702 square foot lot. The “by right” floor-to-area ratio (FAR) at both locations is 1.0 and the maximum ‘by right” building height is 35 feet at Washington Street and 45 feet at Warren Street.

The current owners of 3200 Washington Street paid $3,000,000 for the property without approval and with a Site Activity and Use Limitation (AUL) notice under MassDEP’s Waste Site Cleanup Program on October 10th, 2014. The buyer of 3200 Washington Street, on a per unit basis including the commercial space, paid $39,743 per unit which doesn’t include the cost of demolition.

The seller of 639-643 Warren Street is willing to wait for the selected buyer to obtain approval before closing. The seller of 639-643 Warren Street doesn’t know of any environmental issues but a “21E,” which is a Phase I Environmental Site Assessment, hasn’t been performed; any “21E” would need to be performed at the buyer’s cost. By the way, I’ve had a good experience with Frederick “Fred” S. LeBow of FSL Associates, Inc. in the past. The seller of 639-643 Warren Street, furthermore, doesn’t know of any Site Activity and Use Limitation (AUL) notice on file with the MassDEP. The seller of 639-643 is asking $33,000 on a per unit basis and no demolition is necessary.

The 639-643 Warren Street project is the best large lot in the City of Boston for large project development and the 3190-3200 Washington Street project has paved the way.

Jonathan Bowen Real Estate, LLC wants to discuss the specifics of the 639-643 Warren Street project with builders and developers so, if you qualify, please call us at 617-HUB-EDGE.

Below is the complete list of commercial properties currently available for sale in Dorchester and Roxbury through MLS PIN.